CARLSBAD, Calif.--(BUSINESS WIRE)--March 3, 2005--Callaway Golf Company (NYSE:ELY) announced today that the Board of Directors has declared a dividend of $.07 per share, payable April 7, 2005, to shareholders of record as of March 17, 2005.

Callaway Golf Company makes and sells Big Bertha(R) Metal Woods, Irons and Hybrids including Heavenwood(R) Hybrids, ERC(R) Fusion(R) Drivers and Fairway Woods, Great Big Bertha II 415 Titanium Drivers, Big Bertha Titanium 454 Drivers and Big Bertha Stainless Steel Fairway Woods, Big Bertha Heavenwood(R) Hybrids, Big Bertha Stainless Steel Irons, X-18(TM) and X-18 Pro Series Irons, the Game Enjoyment System(TM) of GES(TM) Golf Clubs, Callaway Golf Forged+ Wedges, and Callaway Golf Tour Blue(TM) Putters. Callaway Golf Company also makes and sells Odyssey(R) Putters, including White Steel(R), White Hot(R), TriHot(R), DFX(R), Dual Force(R) and 2-Ball Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) Tour Balls, HX Blue and HX Red Balls, HX Hot Balls, Big Bertha(TM) Blue and Big Bertha Red Balls, and the Warbird(TM) Balls. Callaway Golf also owns and operates The Top-Flite Golf Company, a wholly owned subsidiary that includes the Top-Flite(R), Strata(R) and Ben Hogan(R) brands and Bettinardi(R) Putters. For more information about Callaway Golf Company, please visit our websites at www.callawaygolf.com, www.topflite.com and www.odysseygolf.com.

CONTACT: Callaway Golf Company
Brad Holiday or Larry Dorman, 760-931-1771
SOURCE: Callaway Golf Company